It’s that time of year when everyone is looking at a clean slate and seeking to make resolutions to be better. Don’t forget to consider your 2020 financial goals. Set new priorities; kick some old habits. It isn’t necessary to focus on everything at once, just one at a time. When you get to 12/31/2020, what do you want to have accomplished?

Here are some ideas, both specific and broad, to get you started. 

Have a conversation about money. With your kids, with your partner. Don’t take it for granted that everyone is on the same page. Review spending over the past year. Set goals for 2020.

Start now to prepare for your 2019 taxes. It is easier when you have a plan, a place for documents, and meet with your tax advisor early.

Manage or eliminate consumer debt. Consider the debt snowball method: paying high-interest debt down first, and then when paid, shift those dollars to the next highest rate debt.

Review your credit score. Act on any erroneous information. Consider an improvement plan if needed.

Analyze your savings. Do you have $1,000 set aside for the unexpected? If not, start there. What about three months of cash reserved for living expenses if the unforeseen happens? If not, put a plan in place to start today!

Clean up recurring charges and subscriptions. They can really add up! Are they necessary? Are you fully utilizing the resources you are paying for?

Consider advance-planning documents. Do you have a will? A financial power of attorney? Healthcare directive and power of attorney? These are vital for your family in the event of your untimely incapacitation or death. Don’t put your head in the sand. Act NOW. Then, hold a family meeting to share with those closest to you.

Seek counsel from your advisors. Your team at HORNE is ready to help you with planning and/or implementation. Even if you only do one thing — just do it! In the words of mental performance coach Justin Su’a, “Little by little, a little becomes a lot.”

Happy New Year!